4) What's up with the oil service stocks? First, Smith International , then Baker Hughes, now Cooper Cameron is getting hammered on disappointing guidance. Down 7 percent pre-open.

Street estimates seem overly optimistic.

5) Aerospace giant Goodrich beat and talked about "steady growth" in aerospace, and reaffirmed 2008 guidance of $4.15-$4.30, though that is below analyst expectations of $4.33 (Reuters). They also note that Boeing's delay in the 787 would not have a material impact on earnings in 2008 or 2009.

6) Buried in the William Ackman letter so criticalof Ambac and MBIA was an interesting argument for eliminating the purpose of the bond insurers altogether, that is, to try to create what he calls "Open Source Research" where "all market participants can have equal access to the primary source data and construct their own views of losses without reliance on the analytical judgment of rating agencies or the bond insurance industry."